by Natasha Shishov
A recent article written by Natasha Shishov, Esq., a partner in Jaspan Schlesinger LLP’s Appellate, Litigation, Corporate and Commercial Transactions Groups, explores the growing trend of Benefit Corporations, the legal implications of these types of entities and whether your company should consider Benefit Corporation status.
One of the key components considered by entrepreneurs prior to the formation of their business is the type of legal entity that is most suited for their goals. In additional to identifying a business as, among others, a corporation, limited liability company or partnership, thirty-one (31) States, including New York, and the District of Columbia have introduced the concept of a “Benefit Corporation”. Eight (8) States, including Alaska, Oklahoma, Iowa, Georgia, Kentucky, New Mexico, Mississippi and Kansas, have pending legislation. Benefit Corporations are for-profit corporations whose corporate goal is to serve and benefit the general public, society and/or the environment.
The article was originally published by the American Bar Association at: http://www.americanbar.org/content/dam/aba/administrative/young_lawyers/committee_newsletters/ABA
Reproduced with permission from the American Bar Association. All rights reserved. This information or any portion thereof may not be copied or disseminated in any form or by any means or stored in an electronic database or retrieval system without the express written consent of the American Bar Association. The article is also accessible on this website under our Articles section for your convenience.
If you need legal assistance concerning Benefit Corporations, please contact Natasha Shishov at (516) 393-8291.